Articles from Joliet Bankruptcy Lawyers

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How much debt do you have to file a bankruptcy?

Submitted by Anonymous (not verified) on Fri, 05/17/2013 - 02:17

There is no particular debt limit that you must have in order to file a Chapter 7 bankruptcy.  It really depends upon the particular person and their particular situation.  I have had clients who have wanted to file a bankruptcy over a $5000 debt.  I have had other clients who had $100,000 worth of debt and were fighting against filing a Chapter 7 and getting a fresh start.  You have to determine whether or not you feel you can either pay your debt back over time or whether or not you need a fresh start to be able to survive.

How soon will the creditors stop harassing when you do a bankruptcy?

Submitted by Anonymous (not verified) on Thu, 05/09/2013 - 20:10

The minute you hire a law firm, this is even before your case is filed; but the minute you hire a law firm and retain an attorney, you have the ability to refer your creditors to that attorney.  Under the Fair Debt Collection Practices Act, once a creditor is made aware that you are filing for bankruptcy or that you have representation to file bankruptcy, they are prohibited from contacting you and they must go through your attorney.

How long does a bankruptcy stay on a credit report?

Submitted by Anonymous (not verified) on Sat, 05/04/2013 - 01:34

Typically, a bankruptcy filing and the proof thereof will last on a credit report for 10 years.  However, don’t let the fact that it’s going to sit on your credit report for 10 years influence whether or not you need to file a bankruptcy.  You should determine whether or not you need to file a bankruptcy based upon your personal situation.  If you are someone who is struggling financially, and you don’t think you’re getting anywhere, then you may be best filing a Chapter 7 fresh start.  I have had clients who have made minimum payments for years and years and years only to realize that they

How do you figure out the Chapter 13 plan payment?

Submitted by Anonymous (not verified) on Fri, 04/26/2013 - 16:40

The Chapter 13 plan payment is based on a number of different factors and each case is different.  First, we have to look at the income and the expenses of the debtor.  Income is based on all sources of income, whether it is employment, unemployment, workers comp, disability, child support, maintenance, investment income, rental income, support from family members; any sort of income must be calculated in a Chapter 13 under Schedule I.  We then look at Schedule J which are the monthly expenses that the debtor incurs; everything from rent, mortgage, auto payment, insurance, food, clothing, u

What if I don’t want to include a creditor, such as my mortgage or auto financing company?

Submitted by Anonymous (not verified) on Sat, 04/20/2013 - 21:11

If you are filing Chapter 7 bankruptcy, you must list all of your creditors including your mortgage and your auto finance company.  The good news is you will have the ability to continue to make voluntary payments on your mortgage and you will have the ability to reaffirm the debt on your vehicle after your bankruptcy case is filed.  The reason why you must list your house and car, even though you want to keep those items, is that the Bankruptcy Code requires that all of your assets and all of your liabilities be listed on your petition.  Simply by listing your liability does not mean you a

What does the trustee do in a Chapter 13 bankruptcy case?

Submitted by Anonymous (not verified) on Thu, 02/21/2013 - 02:26

The trustee has many functions and duties throughout a Chapter 13 bankruptcy case, but none more important than the administration of the Chapter 13.  Now, what I mean by administration is the trustee has the duty to first make sure that the debtor has proposed a plan that is confirmable.  Two, the trustee then has to administer the payments that come through from the debtor and administer those to the various creditors pursuant to the terms of the Chapter 13 plan.  Child support arrearages get paid first.  Administrative fees get paid next.  Attorneys’ fees can often get paid next or pro r

Recommending Chapter 13 Bankruptcy For Elizabeth Sanford

Submitted by Anonymous (not verified) on Wed, 02/06/2013 - 17:30

This is the case of Elizabeth Sanford who comes from Berwyn, Illinois which is located in Cook County, Illinois.  Elizabeth Sanford has never filed for bankruptcy before, either a Chapter 7 or Chapter 13.  She owns no real estate.  She is currently renting and she is in a yearly lease which expires in March.  She owns a 2007 Mercury Montego which she wishes to surrender.  The finance company is Capital One.  It’s got 150,000 miles on the vehicle and she owes $13,000 on it.  Even though she is current, she wants to surrender and get out of that debt.  She also has a Pontiac through Regional

Will my neighbor find out that I filed for bankruptcy?

Submitted by Anonymous (not verified) on Tue, 02/05/2013 - 16:12

Typically, your neighbor will not find out that you filed for any type of bankruptcy protection.  Although bankruptcy is public record, it is not widely published in any newspaper.  It is found online and somebody who wants to search the Clerk of the United States Bankruptcy Court website could find out whether or not you have ever filed for bankruptcy.  However, the likelihood of one of your neighbors out of the blue contacting the Bankruptcy Court website and searching around for your name is very rare.

Am I going to go to jail if I file for bankruptcy?

Submitted by Anonymous (not verified) on Thu, 01/31/2013 - 00:45

You are not going to go to jail if you file for bankruptcy.  In fact, bankruptcy is a great way to get a fresh start, eliminate debts such as credit card bills, medical bills, personal loans and other types of unsecured debt.  There’s nothing to be ashamed about in filing for bankruptcy.  Bankruptcy is a federal right granted to you in the Constitution for being allowed to either reorganize your debt or get a fresh start.  If you do not file for bankruptcy and you bury your head in the sand and ignore your creditors, then there is a chance that you might have to go to court.  If you are sue

If my car was sold at an auction four months ago, can the debt be eliminated?

Submitted by Anonymous (not verified) on Fri, 01/25/2013 - 14:36

Under Chapter 7 bankruptcy law, you have the ability to eliminate the debt on a vehicle whether or not you still possess it or whether or not it’s been repossessed or sold at an auction as long as you make the indication in your Chapter 7 bankruptcy petition that you no longer wish to retain the vehicle.  Under Chapter 7 law, whatever amount is owed under that vehicle will be eliminated.    In a typical scenario, the finance company repossessed is the vehicle, puts it on auction and comes after an individual for the deficiency.  The deficiency is the amount that owed after the auction proce

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